on August 2, 2024 
After some significant advocacy efforts by the BC Real Estate Association (BCREA) and the Canadian Mortgage Brokers Association (CMBA), the Notice to Vacate period is going to be reduced from 4 to 3 months effective August 21, 2024 for sellers of a rental property who are giving the notice to vacate on behalf of the buyers.
For many years, the Notice to Vacate period was 2 months in BC, but earlier this year the NDP government announced it would increase the notice period to 4 months effective July 18th – without seeking any input from mortgage or real estate professionals on how such a change would impact buyers or sellers.
Both the CMBA and BCREA published open letters to the B.C. Housing Minister to outline how such a drastic change to the notice period would significantly impact real estate sales, because most buyers who require mortgage financing can’t secure a mortgage offer and rate for more than 90-120 days. Effectively, a 4 month notice period meant that any tenanted property could no longer be purchased by any buyer that wanted to move into it as a primary residence and who needed a mortgage to help with the purchase.
The roll back to 3 months for the notification period will still make it challenging for buyers who require vacant possession as part of meeting the requirements for their mortgage – but at least it will be possible for those who are organized and make sure their subject removal and completion dates are properly coordinated with their mortgage broker and real estate agent.
The notice to vacate period will continue to be 4 months for situations where the property is not being sold and instead the property owner or a close family member is moving into the rental property.
